NEW YORK, Oct. 5, 2017 /PRNewswire/ -- Red Stone Equity Partners, LLC ("Red Stone Equity"), a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, announced the closing of Red Stone Equity - 2017 National Fund, L.P. ("2017 Fund"), a $188-million multi-investor Low Income Housing Tax Credit ("LIHTC") investment fund. The 2017 Fund is the seventh and largest Red Stone Equity multi-investor fund offering to close in the last six years and includes investments from 11 institutional investors. The Fund's proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 1,800 units of affordable housing across 25 properties located in 12 different states. With the closing of the 2017 Fund, Red Stone Equity has now raised over $450 million of LIHTC equity capital thus far in 2017.
"We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which includes investments from eight repeat Red Stone Equity investors and welcomes three new ones to our family of LIHTC funds," said Ryan P. Sfreddo, Red Stone's Managing Director of Investor Relations. "With many federal housing programs facing deep cuts and with the tax reform tempest swirling around us, we are proud to have executed on this fund closing which will provide construction and permanent jobs, as well as much-needed quality affordable housing, to thousands of people across 12 different states."
Red Stone Equity also announced a major milestone in the company's history by celebrating its 10th anniversary in the multi-family housing industry and surpassing $3.5 billion of tax credit equity raised and invested since inception. The company has established itself as leading real estate investment firm focusing on the syndication of LIHTCs and Renewable Energy Tax Credits, with a national presence and offices in Boston, Charlotte, Chicago, Cleveland, New York, Los Angeles and San Diego.
"We are proud of the investor and developer partnerships built over the last 10 years that have provided a strong foundation for the company, allowing for continued expansion while maintaining our entrepreneurial identity," said Eric McClelland, Red Stone Equity's President and Chief Executive Officer. "We also want to thank our employees for their hard work and commitment, as they have played an integral part in Red Stone Equity achieving this milestone."
With $3.7 billion of tax equity raised and under management, Red Stone Equity has helped finance the development of more than 27,000 units of affordable housing across more than 300 properties located in 36 states, the District of Columbia and Puerto Rico.
About Red Stone Equity Partners, LLC
Red Stone Equity Partners, LLC ("Red Stone Equity") is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York, and San Diego. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.
SOURCE Red Stone Equity Partners, LLC